Minister for Power orders inquiry against Rs 2.45 billion losses by Jamshoro Power Company

ISLAMABAD, Nov 8 (INP): Federal Minister for Power Division, Sardar Awais Ahmed Khan Laghari while taking serious notice of 2.45 billion rupees loss registered by the Jamshoro Power Company (777 MW Jamshoro Power Plant) in financial year 2016 has ordered immediate inquiry and fixation of responsibilities

The Minister ordered the inquiry in a meeting on evaluation of GENCOs and way forward today here today.

The Federal Minister also took stern notice of decline in profit form 1.469 billion rupees in finical year 2014 to 751 million rupees in 2015 and 780 (unaudited) Million rupees in 2017 by the Jamshoro Power Company and ordered to investigate the reason in the same inquiry report.

Accordingly the Minister has directed the CEO, GENCO Holding Company to conduct the inquiry into the accounts of the company for the last four year and ascertain the reasons of mismatch in profit and loss of the company within 15 days. He further directed that strict action may be taken in the light of inquiry against the officials.

The Federal Minister also directed that in case of failure to compete the inquiry within time, an external inquiry will be conducted.

The Jamshoro Power Company registered a loss of 2.453 billion during the financial year ending 30th June 2016. The same company however earned profit of 1.469 billion rupees in financial year ending 30th June 2014, a profit of 751 million rupees in financial year ending 30th June 2015 and a profit of 780 million rupees in financial year ending 30th June 2017.

Sardar Awais Ahmed Khan Laghari said that transparency in all types of transaction will be ensured and the Power Division will go to any extent in this regard. He emphasized that transparent transactions are bound to produce good results.

The Federal Minister for Power Division further directed the Power Division to figure out the role of the GENCOs in the country’s energy plan for the future, keeping into consideration the supply /demand and emergency scenarios. This exercise would help GENCOs to evolve a future strategy of either modernization of exit for better utilization of resources, added the Minister.